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Cyber security for financial services firms—regulatory and industry initiatives—timeline

Cyber security for financial services firms—regulatory and industry initiatives—timeline Cybersecurity is the infrastructure of technologies, processes and practices used to protect networks, data and technology from unauthorised access. Cybersecurity measures adopted by organisations need to guard against breaches motivated by malicious intent (whether that is financial crime, cyber terrorism, industrial espionage, hacktivism or state-sponsored attacks), or through unfortunate incidents. The ability of malicious third parties to successfully penetrate and damage an organisation is growing. This means that the security of a financial services firm’s network and the safety of its data is increasingly important, and cyber security is the focus of a number of regulatory and industry initiatives. Key dates and publications—2024 Date Description 7 November 2024 ABI and Lloyd’s of London published Components of a major cyber event: a (re)insurance approach, a guide for (re)insurers on how to approach defining a major cyber event. 31 October 2024 The FCA published a webpage containing its insights, observations and key lessons from how firms responded to the CrowdStrike outage and...

Securities Financing Transactions Regulation (SFTR)—timeline [Archived]

Securities Financing Transactions Regulation (SFTR)—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This Timeline outlines both the proposal for the Securities Financing Transactions Regulation and the subsequent EU and UK developments in relation to the Regulation. In the EU, the European Commission undertook a significant amount of work on shadow banking, which culminated in its September 2013 'Communication on Shadow Banking'. One of the priority areas identified in the Communication was increasing the transparency of securities financing transactions (SFTs). The Communication also referred to enhancing the regulatory framework for investment funds, including undertakings for collective investments in transferable securities (UCITS) and alternative investment funds (AIFs) (see Practice Notes: Undertakings for Collective Investment in Transferable Securities—essentials and AIFMD—essentials for further information). The EU Regulation on reporting and transparency of securities financing transactions (Regulation (EU) 2015/2365) (the EU SFTR) is the European Commission's legislative response to issues identified in the Communication. A majority of the provisions in the EU SFTR came into force on 12 January 2016. Following the end of the Brexit...

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The 2012 National Planning Policy Framework [Archived]

The 2012 National Planning Policy Framework [Archived] This archived Practice Note provides an introduction to the 2012 version of the National Planning Policy Framework (2012 NPPF), looking at the concept of sustainable development, the presumption in favour of sustainable development, and the core planning principles, as set out in the 2012 NPPF. On 24 July 2018, the government published a revised version of the NPPF (the 2018 NPPF), which replaced the 2012 NPPF. The 2012 NPPF was archived and will only continue to apply in certain circumstances, as set out below. The 2018 NPPF was again revised in 2019, 2021 and 2023. For information on the 2023 NPPF now in force, see Practice Note: The National Planning Policy Framework. The 2012 NPPF first came into force in England on 27 March 2012, replacing all Planning Policy Statements and Planning Policy Guidance Notes (with the exception of PPS10 (Planning for Sustainable Waste Management)) with immediate effect. It aimed to make the planning system less complex and more accessible, to...

Brexit—background to the respective positions of the UK and EU—Archived

Brexit—background to the respective positions of the UK and EU—Archived This Practice Note sets out the background to the respective positions of the UK and EU. It is for academic interest only. This Practice Note is archived. Background Civil judicial co-operation—UK and EU approaches Following the EU referendum, the emphasis in respect of civil judicial co-operation focused on agreeing specific transitional arrangements, with the intention being to provide some degree of legal certainty for the key areas of law and practice as the UK left the EU. The EU and UK primarily set out their respective positions on the above issues in a number of documents and subsequently issued a joint report on progress. There are provisions in the political declaration to deal with civil justice. Party Date Title of document EU 12 July 2017 EU 12 July 2017 UK 22 August 2017 UK 23 August 2017 UK and EU 8 December 2017 UK/EU 17 October 2019 Political declaration setting out the framework...

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Vendor Managed Inventory Agreement

Vendor Managed Inventory Agreement This Vendor Managed Inventory Agreement (the "Agreement") is entered into on [[date]] (the "Effective Date") by and between [[name of vendor/supplier/manufacturer]] a [[type of entity, e.g., corporation]] organized and existing under the laws of [[state]] ("Vendor"), and [[name of buyer/customer]] a [[type of entity, e.g., corporation]] organized and existing under the laws of [[state]] ("Customer"). Vendor and Customer are sometimes individually referred to herein as a "Party" and collectively as the "Parties". WHEREAS, Vendor is in the business of the development, manufacture and sale of [[description of applicable products]] (the "Products"), and provides management services for customer inventory with respect to its Products. Alternate Clause to First Whereas Clause: Vendor is engaged in the design, development, manufacture and sale of [[description of applicable products (the "Products")]] and provides management services for customer inventory with respect to its Products. Vendor desires to facilitate the ready availability of the Products in order that Customer may sell the Products and to arrange for the consignment of its Products by...

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What did the government say in its full response to the Online Harms consultation?

What did the government say in its full response to the Online Harms consultation? Background to the response The Department for Digital, Culture, Media and Sport (DCMS) published the Online Harms White Paper in April 2019. It proposed a statutory duty of care to deal with online harms, ranging from illegal activity and content to behaviours which are harmful but not necessarily illegal. Consultation on the White Paper closed on 1 July 2019. In February 2020, the DCMS published its initial response to the consultation and in December 2020 it published the full response, providing detail of the Online Harms regime. In keeping with the government’s ambition, as set out in the Online Harms White Paper, to make the UK the safest place in the world to go online, the response set out a framework of legislation establishing a duty of care on companies to improve the safety of their users online. This duty is to be overseen and enforced by Ofcom. The regulatory framework will...

Do you have any Commentary or Precedents relating to terms and conditions for the supply of water and/or sewerage services?

Do you have any Commentary or Precedents relating to terms and conditions for the supply of water and/or sewerage services? The Water Services Regulation Authority (Ofwat) is a regulatory body and a non-ministerial government department. It was created as a result of the privatisation of the water and sewage sectors in 1989, under the Water Act 1989. Furthermore, the Water for life white paper, published by the UK government in December 2011 included plans to introduce a new retail market for water and sewage services to allow customers to switch from their local monopoly water company to another water supplier. See also: A level playing field for the water market—a discussion document. For further information on Ofwat, see Practice Note: Water industry regulation—Ofwat. On 2 July 2018, Ofwat published its Charges scheme rules and Charging rules for new connections services (English undertakers) in accordance with requirements under the Water Industry Act 1991. For further information, see: LNB News 27/07/2018 4. For a summary of its decisions...

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Revised National Planning Policy Framework published

Planning analysis: The government has published a revised version of the National Planning Policy Framework (NPPF). Key changes from the previous version, published in December 2023, impact green belt policy and policy on establishing housing need and housing land supply. There is also greater policy support for infrastructure and community facilities, among other changes. A consultation response, published on the same day, sets out the government’s commitments to wider changes to the planning system, including changes to the regime under the Planning Act 2008 (PA 2008) for nationally significant infrastructure projects (NSIPs), and changes to planning fees. This is a brief summary of the key changes; further analysis on the implications will follow.

TMT weekly highlights—12 December 2024

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.